Compare checking vs. savings accounts

Paying bills or building your nest egg? Access to your money is the biggest difference.

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Checking and savings accounts are popular options that can keep your money safe. But one is better for saving and the other is designed to help you manage your money. Compare rates, fees, access and other features to find out which is right for you.

Pick a checking account if …

Pick a savings account if …

You don’t need easy access to your money

You’re looking to save money and earn interest

You want to limit your spending

Should I get both?

Having both a checking account and a savings account could help you manage your money and save better. Your checking account provides flexible access to cover expenses, bills and more, and you can transfer any extra money to your savings account to earn interest. Plus, some banks allow you to set up overdraft protection that uses funds from your savings account to cover checking transactions.

Pros and cons of checking vs. savings accounts

Checking and savings accounts are both helpful banking products, but they each have their pros and cons:

Checking accounts

Pros

Unlimited access. With a checking account, you can make as many transactions as you’d like since there’s no federal restriction.

FDIC insurance. Checking accounts are eligible for FDIC insurance, which protects up to $250,000 of your money.

Compare top-rated accounts

Get a $750 welcome bonus when you join Sapphire Banking by September 28, 2019. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.

Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.

2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account

Free to use anywhere worldwide

$0

A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.

At a 2.44% APY if you join the waitlist for Betterment Everyday Checking or 2.19% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.

Frequently asked questions

Yes. Some newer checking accounts do pay interest, but you’ll need to shop around because it’s not a common feature.

When you deposit money into a bank account, you authorize the bank to lend your money out to other borrowers. The bank will earn interest on that loan, so it will pay you a percentage in exchange.

Most savings accounts won’t have overdraft protection, but it’s not unheard of. Always read the account features and account agreement to find out about all account features.

A money market account is a type of savings account that provides more flexible access to your money with an ATM card and check writing capabilities. You can even earn higher interest rates than some savings accounts, but deposit requirements could be higher.

Most of them don’t, but it’s possible to find savings accounts that come with debit cards.

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

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